Mr. Eric Sprott, a shareholder, reports

ERIC SPROTT ANNOUNCES CHANGES TO HIS HOLDINGS IN DOLLY VARDEN SILVER CORPORATION

Today, 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, acquired two million common shares of the Dolly Varden Silver Corp. for total consideration of $2-million pursuant to a prospectus offering. Prior to the acquisition, Mr. Sprott beneficially owned 28,499,483 shares representing approximately 10.0 per cent of the outstanding shares.

As a result of the acquisition, Mr. Sprott now beneficially owns 30,499,483 shares representing approximately 9.8 per cent of the outstanding shares. The acquisition, combined with previous treasury issuances of shares, resulted in a decrease in holdings of approximately 1.8 per cent since the date of the last filing of an early warning report and brings total holdings to under 10 per cent. As a result, Mr. Sprott and 2176423 Ontario Ltd., ceased to be insiders of Dolly Varden Silver.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.